COLORADO SPRINGS, Colo., July 16, 2018 (GLOBE NEWSWIRE) -- Gold Resource Corporation (NYSE American:GORO) (the “Company”) today announced phase two drill highlights from its Mina Gold exploration property located in Mineral County, Nevada. Mina Gold near surface high-grade gold intercepts include 15.24 meters of 3.34 grams per tonne (g/t) gold from surface and 12.19 meters of 2.98 g/t gold from 6.10 meters downhole. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $111 million to its shareholders in monthly dividends since commercial production commenced July 1, 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
Gold Resource Corporation’s Mina Gold phase two reverse circulation drill campaign targeted further delineation of phase one and historic drill results. Multiple drill holes encountered surface and near surface high-grade gold mineralization.
Mina Gold Drill Highlights include (m = meters, g/t = grams per tonne) (see full table below):
|13.72 m of 1.10 g/t gold||*from surface|
|incl.||6.10 m of 2.16 g/t gold|
|16.76 m of 1.51 g/t gold||*from 3.05 m downhole|
|incl.||4.57 m of 3.31 g/t gold|
|incl.||3.05 m of 2.15 g/t gold|
|36.58 m of 0.47 g/t gold|
|incl.||3.05 m of 2.12 g/t gold|
|19.81 m of 0.63 g/t gold|
|incl.||3.05 m of 1.62 g/t gold|
|19.81 m of1.47 g/t gold||*from 3.05 m downhole|
|incl.||1.52 m of 6.61 g/t gold|
|incl.||1.52 m of 3.05 g/t gold|
|4.57 m of 3.03 g/t gold|
|incl.||1.52 m of 6.61 g/t gold|
|12.19 m of 1.14 g/t gold|
|incl.||6.10 m of 1.72 g/t gold|
|12.19 m of 2.98 g/t gold|
|incl.||3.05 m of 5.75 g/t gold|
|incl.||1.52 m of 7.00 g/t gold|
|15.24 m of 3.34 g/t gold||*from surface|
|incl.||4.57 m of 8.17 g/t gold|
Hole MGRC-009 intercepted 13.72 meters grading 1.10 g/t gold beginning from surface; including 6.10 meters grading 2.16 g/t gold.
Hole MGRC-010 intercepted 16.76 meters grading 1.51 g/t gold with mineralization beginning 3.05 meters downhole; including 4.57 meters grading 3.31 g/t gold, and 3.05 meters grading 2.15 g/t gold.
Hole MGRC-016 intercepted 36.58 meters grading 0.47 g/t gold; including 3.05 meters grading 2.12 g/t gold.
Hole MGRC-023 intercepted 19.81 meters grading 0.63 g/t gold; including 3.05 meters grading 1.62 g/t gold.
Hole MGRC-025 intercepted 19.81 meters grading 1.47 g/t gold with mineralization beginning 3.05 meters downhole; including 1.52 meters of 6.61 g/t gold, and 1.52 meters of 3.05 g/t gold.
Hole MGRC-027 intercepted 4.57 meters grading 3.03 g/t gold; including 1.52 meters of 6.61 g/t gold.
Hole MGRC-030 intercepted 12.19 meters grading 1.14 g/t gold; including 6.10 meters of 1.72 g/t gold.
Hole MGRC-032 intercepted 12.19 meters grading 2.98 g/t gold with mineralization beginning 6.10 meters downhole; including 3.05 meters grading 5.75 g/t gold, and 1.52 meters grading 7.00 g/t gold.
Hole MGRC-034 intercepted 15.24 meters grading 3.34 g/t gold; including 4.57 meters of 8.17 g/t gold.
|MINA GOLD DRILL RESULTS
|Hole #||Angle||From||Interval||Au||Hole #||Angle||From||Interval||Au|
|Assays by Inspectorate America Corp., Sparks, Nevada, USA. Meters Down Hole, Not true width.
Reverse circulation drilling.
The Mina Gold property covers an area of approximately 825 acres consisting of 43 unpatented claims and 5 patented claims in central Nevada’s Walker Lane Mineral Belt in Mineral County, Nevada. Multiple mineralized structures have now been defined at Mina Gold. Management’s goal is to delineate a high-grade gold open pit, or multiple gold open pits, with surface and near surface mineralization (see map).
Mr. Barry Devlin, Vice President of Exploration, stated, “Phase two drill results from the Mina Gold property continue to validate the Company’s phase one and historic near surface, high-grade gold results. It is encouraging to see the continued definition of high-grade gold associated with thicker zones at Mina. The Company is currently developing a phase three drill campaign to target and expand known mineralized zones at Mina Gold.”
“We have purposefully and exclusively focused exploration drilling to date on Mina Gold’s patented mining claims,” stated Gold Resource Corporation’s CEO and President, Mr. Jason Reid. “It’s exciting to see additional surface and near surface high-grade intercepts and numerous mineralized structures, including 15.24 meters of 3.34 grams per tonne gold starting just six meters downhole, underscoring the property’s potential. The Mina Gold property continues to conform to our goal of identifying near surface open pit deposits with gold grades averaging above one gram per tonne. Our ultimate goal is to find, delineate and place into production numerous open pit heap leach operations from our Nevada Mining Unit’s property portfolio in the Walker Lane Mining District. If we could keep future Mina Gold operations on the patented claims, it could potentially shorten the overall permit timing for this property.”
A map accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/cd4755ea-7b81-486e-8636-cc3bb63e6ad6
Following up on the Company’s 2017 drill programs, which targeted broad areas of potential economic mineralization, subsequent drilling tested the identified mineralized zones for continuity, depth extension and economic mineral expansion potential. Based on these latest drill results, Company management has decided to terminate its option to purchase the Gold Mesa property and focus its capital resources on its four Nevada Mining Unit properties that are 100% Company owned.
Mr. Jason Reid stated, “It is often difficult to walk away from a property with high-grade gold, but our analysis of the expansion potential of the known mineralization at Gold Mesa makes the decision for us. In addition, we are in construction of our Isabella Pearl Project and feel we have far more prospective properties in our portfolio to allocate capital towards.”
The Company’s Nevada Mining Unit consists of its flagship Isabella Pearl Project which is currently in construction with first gold production targeted by the second quarter of 2019, while the Mina Gold, East Camp Douglas and County Line properties are in various stages of exploration. All four Nevada properties have surface and/or near surface high-grade gold drill intercepts and potential for future high-grade open pit heap leach operations. The Company’s Nevada Mining Unit covers more than 10,120 hectares (25,000 acres) in south central Nevada’s Walker Lane Mineral Belt.
Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company targets low capital expenditure projects with potential for generating high returns on capital. The Company has returned $111 million back to its shareholders since commercial production commenced July 1, 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery. For more information, please visit GRC’s website, located at www.goldresourcecorp.com and read the Company’s 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words “plan”, “target”, "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation’s strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company’s 10-K filed with the SEC.